Mahindra M&M : Rectangular Range Breakout

5 sie 2016

I'm not sure why, we are getting back to back breakout trades today morning, sharing few of those with you. Yet to check Nifty chart, may be we will have breakout there also.We can see from chart how long M_M is within that rectangular range and looking for breakout. It will be positional trade, so breakout also takes time if M_M moves to upside on pullback.We can't confirm solely based on RSI also, so wait for breakout in M_M. Some may consider it as bullish flag ( I do agree) but naming it rectangular pattern does no harm. Name isn't important, just the breakout side is important for us !
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Happy Trading !!